St. Josephs Reg Med Center S. Bend
dba Saint Joseph Regional Medical Center ·
Mishawaka, IN
· CCN 150012
Licensed to Saint Joseph Regional Medical Center-South Bend Campus Inc
Composite
57.0
rank score
Distress
63
FY2024
Fit
67
vs thesis
Estimated ticket
$21.5M–$43.0M
253 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- total margin negative
- under 30 days cash on hand
- current ratio under 1.5
- debt above 85% of assets
- occupancy 45-60%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- large — ticket likely stretches the envelope
- small ticket — deploys little of the available capital
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $370M |
| Operating margin | -3.5% |
| Total margin | -2.4% |
| Days cash on hand | 0 |
| Current ratio | 1.19 |
| Occupancy | 55% |
Facility
| Beds | 253 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 253 | $357M | $31.8M | -0.8% | 8.1% | 14 | 1.42 | 62% | 11,782 | 46 |
| 2022 | 253 | $353M | $-34.4M | -12.9% | -9.5% | 9 | 1.31 | 65% | 11,828 | 78 |
| 2023 | 253 | $355M | $-18.4M | -7.1% | -5.1% | 20 | 1.25 | 61% | 11,988 | 68 |
| 2024 | 253 | $370M | $-9.1M | -3.5% | -2.4% | 0 | 1.19 | 55% | 11,774 | 63 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Saint Joseph Regional Medical Center Inc | 5% or greater indirect ownership interest | 100 | 1984-06 | |
| Trinity Health Corporation | 5% or greater indirect ownership interest | 100 | 2003-01 | chain |
| Chris Rowland | corporate director | 2018-01 | ||
| Christopher Karam | contracted managing employee | 2017-01 | ||
| Christopher Karam | corporate director | 2017-01 | ||
| Craig Miller | corporate director | 2022-04 | ||
| Craig Miller | w-2 managing employee | 2017-01 | ||
| Dana Neer | corporate director | 2022-04 | ||
| Jacqueline Wright | corporate director | 2022-04 | ||
| James Foster | corporate director | 2012-01 | ||
| Jeffrey Mathis | corporate officer | 2025-01 | ||
| Jonathan Geise | corporate officer | 2026-01 | ||
| Marion Fulce | corporate director | 2025-01 | ||
| Melissa Lukasick | corporate officer | 2025-01 | ||
| Melissa Lukasick | corporate director | 2025-01 | ||
| Paula Toth-Russell | corporate director | 2017-01 | ||
| Paula Toth-Russell | w-2 managing employee | 1994-09 | ||
| Robert Sink | contracted managing employee | 2022-04 | ||
| Robert Sink | corporate officer | 2025-01 | ||
| Rodolfo Monterrosa | corporate officer | 2025-01 | ||
| Rodolfo Monterrosa | corporate director | 2022-04 | ||
| Shannon Cermak | corporate director | 2026-01 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.
Who has been buying in IN
Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 2025-12-28 | Indiana University Health Inc | Indiana University Health North... | Indiana University Health | 1,274 |
| 2025-12-13 | Union Hospital Inc | Terre Haute Regional Hospital Lp | Union Hospital Inc. | 260 |
| 2025-07-01 | Parkview Logansport Hospital Inc | Memorial Hospital | Memorial Hospital Logansport | 37 |
| 2024-03-01 | Franciscan Health Michigan City | Franciscan Beacon Hospital, Llc | Franciscan Health Michigan City | 133 |
| 2020-11-01 | St Elizabeth Medical Center, Inc | Dearborn County Hospital | St Elizabeth Dearborn | 50 |
| 2019-07-16 | Reid Hospital & Health Care Services Inc | Fayette Memorial Hospital Association Inc | Reid Hospital & Health Care Services | 183 |